9 Reasons Why You're Throwing Money Away In The Workplace

We go to work to make money, so you might be surprised that so many of us are actually wasting our cash while we’re there. What’s the point of doing all that hard work if you’re not going to take care of your finances properly? It’s very easy to throw away your earnings for needless reasons, whether you’re a regular employee or a business owner. Make sure you don’t end up in the following scenarios!

Throwing Money Away In The Workplace

Lunch Costs

Let’s start with an obvious one. Workers of all types are inclined to spend their lunch hours by purchasing food from the local canteen. If one isn’t available, they’ll probably go out and have lunch at a local restaurant or fast food joint. As a one-off treat, this is a good idea to bond with your colleagues and employees. However, when this becomes a daily occurrence, you’re wasting away your cash on an extreme level. By taking the time to come equipped with a readymade meal, you’ll be saving those all-important funds. Isn’t that more important in the long run?

Failing To Build A Rapport

An inability to build a rapport with both colleagues and employees is very detrimental to your success. In the case of an employee, it means they won’t get on with their fellow workers. This can lead to being generally disliked, disrupting the happy and productive atmosphere in the company. In most cases, this will lead to failing to be given opportunities such as promotion and team-related tasks. As a business owner and a boss, the lack of ability to gel with your employees is devastating. You need to have a good relationship with them and be respected by them if you hope to achieve success. 

Lack Of Financial Organisation

It makes sense that a lack of financial organisation will lead to a loss of funds. There are all sorts of ways that this can become an issue. Sometimes, it can come down to a lack of knowledge on the part of an employee. Understanding taxcodes, 0T, BR, and more is important to make sure you’re paying the right amount of tax. The same goes for businesses, who are legally obligated to make sure they get this process right. Ensuring staff get paid correctly and on time is also important, as is understanding the financial health of the company. We could write a whole article on financial organisation tips - it’s that important. 

Lack Of Financial Organisation

Procrastinating

I dread to think how much money is being lost as a result of procrastination across the globe. The truth is, we’re surrounded by all sorts of distractions that cause procrastination to become a major issue. Facebook, YouTube and long discussions by the water cooler can all result in a lack of productivity. As an employee, your consistent procrastinating is holding you back from being the very best employee you can be. As a business owner, it’s halting your company’s progress and allowing it to fall behind the competition. 

Lacking Desire & Commitment

It’s simple: you lack the passion for performing at your highest level. Unfortunately, you need that desire factor in order to make the most of your opportunity. You won’t be able to convince the higher-ups that you’re deserving of financial rewards if your work is suffering. Similarly, you won’t be able to push your company to its limit if you’re aren't willing to put in the effort. A lack of desire and commitment is a dangerous warning sign that something is wrong. You either need to consider a different career entirely, or focus on getting your mindset back into the right place.

Allowing Others To Take Advantage

There are people out there that simply don’t know when to say “no”. They’ll be asked to do far too much work than their salary should command, but they’ll take it anyway. It’s important to understand how much work you should be doing, and how much you should be paid for it. One of the qualities of any good business owner is knowing how to get the most out of any situation. Simply accepting anything you’re given will develop a poor reputation that others will look to exploit. You need to get a thick skin. 

Law books

Not Keeping Track Of Holiday Allowance

This is another simple one. Your holiday allowance is allocated to you on a yearly basis in many cases. You have a certain amount of holiday time that you need to take. If you fail to keep a proper track of it, you’re going to lose out in one of two ways. Firstly, you might just lose the holiday altogether, meaning your relaxation time gets thrown out the window. Alternatively, you might have been allowed to claim the cash value of that holiday instead, but now you’ve left it too late. As an employer, failing to keep track of holiday allowance can lead to understaffed nightmares. You don’t want to fall into this trap.

Failing To Meet Legal Requirements

This one is almost solely on the responsibility of the employer. There’s a lot to think about as a business owner when it comes to the law. Failing to adhere to its standards could destroy your company in one fell swoop. It’s very important that you take the time to study every element of the law as it relates to your business. Failing to understand the ins and outs of health and safety, employee rights and more puts you in a dangerous position.

Quitting Your Job

You can’t argue with this one, can you?! If you quit your job on the spot, your income will dry up. It is generally frowned upon that anyone would quit their job without having a goal in mind. The reason for this is because it’s going to be difficult to obtain new employment. Now, you’re unemployed for no good reason, and that’s not always easy to explain in an interview. It is even argued, in some cases, that quitting instead of being fired is the worst option of the two. The reason for this is because you can still seek unemployment benefits if you get fired. 

Which reason do you think is the biggest culprit? Let us know in the comments.

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